What Is Blockchain Technology?
If you have come across with Bitcoin, a digital currency you should know that it is based on blockchain technology. Bitcoin, which are not actual coin; rather, cryptocurrency, a digital form of payment that is produced or mined by lots of people worldwide, are revolutionizing the entire financial technology around the world.
Blockchain technology that drives Bitcoin has been in existence for quite some time now is transforming the other segments of the life as well. For instance, parallel block chains and side chains are also there. Needless to say some developers have begun looking at the creation of different blockchains as they do not believe on depending on a single blockchain.
Blockchain Technology is here to Change the Existing Financial Technology
As has been mentioned the people who believe in blockchain are also developing Parallel Blockchains and Sidechains as these techs allow for tradeoffs and improved scalability using alternative, completely independent Block Chains thus allowing for more innovation. Needless to say when you know what is blockchain technology you can also know the others.
Blockchain technology is becoming a matter of interest for traders and investors; however, it is also a matter of interest for various governments around the world. For instance, the Philippines intend to put its Peso put on the block chain. Similarly, Africa leapfrogged wired telecommunications and skipped right to wireless.
Whereas the Philippines intends to improve its financial services by integrating the Peso to the Block Chain, the government of Haiti is looking for a solution for the land records in the country in blockchain technology. Similar decisions were taken by NASDAQ which thinks that blockchain technology can help them manage the stock market well.
Blockchain Technology for Transparent Financial Transactions
Experts explain that the underlying blockchain technology of crypto currencies is a core part of the next generation of the internet that is radically going to transform not just commerce and the nature of the corporation. However, according to them many of the institutions in society and everyone needs to pay attention to this.
Notwithstanding what for those who remain apprehensive, this could be partly due to my poor scribbling’s. The experts also consider that the people must view with profound respect the infinite capacity of the human mind to resist the introduction of useful knowledge. As blockchain technology is being used for new FinTech, its great beginning for whole Fintech.
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